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sandra

Apr 30
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Hellenic Ministry of Shipping Provides EUR 33,7 Million for Coastal Shipping and Island Entrepreneurship

By 2020 Newsletter week 18

The Hellenic Ministry of Shipping and Island Policy decided to provide more than EUR 33.7 million in liquidity to coastal shipping, as well as island entrepreneurship, in order to alleviate them from the Covid-19 pandemic.

Specifically, it was decided:

  • Support island businesses -eligible for the transport equivalent- with EUR 11,2 million.
  • An additional EUR 15 million has been secured to ensure maritime transport services to the island regions. Since the implementation of the relevant ministerial decision, EUR 3.5 million have already been contracted for the minimum shipping service of the island areas in 29 lines of the national and local shipping network.
  • Advance payment equal to 50% of the leases for public service contracts in coastal shipping for the months February, March and April. The Ministry estimates that this amount will reach EUR 7.5 million.
Apr 30
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Moby’s Seasoned Ferry GIRAGLIA up for Sale and Likely to be Scrapped

By 2020 Newsletter week 18

The 1981-built ferry Giraglia owned by Moby Group is being circulated by several ship brokers as the Onorato-controlled company put the asset up for sale.

One of the messages circulated on the market reports that, following the grounding which took place recently in front of the port of Santa Teresa di Gallura, ship’s bottom and its relevant structures found are damaged with hull longitudinal breach. The vessel, which was deployed on the route between the north of Sardinia (Santa Teresa di Gallura) to the south of Corsica (Bonifacio) is indeed defined as “to be repaired”. Given its age (almost 40 years) the GIRAGLIA may be sold for scrap.

Regarding the ongoing negotiation with the creditors, the Italian financial newspaper IlSole24Ore reported this week that Moby is in advanced talks with the banks and the bondholders to restructure the company’s debt under the 182-bis procedure insolvency law.

Apr 30
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MSC Deal with Ignazio Messina Postponed Again

By 2020 Newsletter week 18

The closing of the deal which should make MSC a49% shareholder of the Genoa-based Ignazio Messina & C. has been postponed again. It will not take place before the end of April as previously announced. The previous deadline was March 31, and was already postponed due to some details still to be defined between the banks and the companies involved.

This time it seems that the cause may refers to the coronavirus emergency as MSC, apart from the malware attack to its website, is sailing in stormy waters both in the container and in the cruise business segments. MSC Cruises for instance announced that all the investments scheduled for the next 18 months would be stopped where possible.

Several market observers in Italy suggest that Gianluigi Aponte may have decided to take some more time before signing this new investment in the roro and conro vessels operator.

Through the Italian holding Marinvest, MSC should invest EUR 25 million for a 49% stake in the Ignazio Messina & C. group and a 52% stake in a new-co called Ro-Ro Italia controlling four of Messina’s eight modern conro ships. All eight vessels are linked to a EUR 487 millions debt with the local Banca Carige and classified as unlikely to pay.

Apr 30
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FERRY FINANCE

By 2020 Newsletter week 18

Scandlines 2019: Solid Results Despite Traffic Decline

Scandlines says its operational efficiency was strong, and the group’s two ferry routes completed more than 41,500 departures and transported 7.2 million passengers.

Soft economic indicators in Sweden and Germany resulted in a slight drop in traffic volume.

In the meanwhile, the company continued to build a more competitive business through investing in green initiatives and further strengthening the group’s financing.

Revenue from the two ferry routes was unchanged at EUR 352 million despite a moderate decline across traffic segments following years of growth in the freight business in particular. BorderShop revenue saw a minor decline to EUR 124 million (2018: EUR 125 million) as leisure travel declined slightly and fewer Swedes visited the group’s BorderShops due to the weak Swedish currency.

Group profitability remained steady in 2019 as Scandlines generated profit from ordinary activities (recurring EBITDA) of EUR 188 million (2018: EUR 191 million) corresponding to an unchanged recurring EBITDA margin of 40 percent. The solid profitability level was secured mainly by means of cost control measures compensating for the lower traffic volumes during the year.

Scandlines continues to see potential for improvement in the coming years as efforts continue to optimise and develop the business.

Apr 30
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Stena 2019: “To be resilient in bad times is the reason why we are so diversified”

By 2020 Newsletter week 18

“Covid-19 has changed the World fast,” says Dan Sten Olsson in the preface of Stena’s annual report. He reminds that it is the fifth slump in economic

activity in his carreer.

He believes many of the people made redundant will not be reemployed when times get better.

“Transporting freight and fewer passengers, with reduced sailing frequency is our present state of affairs.” During this crisis Stena will have disposed of older tonnage and introduced efficient new vessels.

Stena Bulk is booming but the Stena drilling fleet faces difficult times.

The number of ships owned by Stena RoRo has been decreased. Only a few and small valued ships are open for charter, says Mr Olsson.

Stena RoRo stands for 2% share of total income.

Stena Line for 38%.

Olsson concludes by saying that he doesn’t fear inflation. “For as long as there is a good supply of goods, I do not see that happening. Distribution including transportation will hence be very crucial.”

Stena Teknik is working on STENA ELEKTRA (photo), an advanced, fully-electric ferry. The company hopes to see it entering service in 2030, latest.

Key figures Stena Line

EBITDA +16% (3,482 MSEK) = all time high EBITDA, mainly due to increased car volumes, passenger- and freight volumes.

Operating Result -5% (1,320 MSEK)

Key figures RoRo

EBITDA -9% (291 MSEK)

Operating Result -28% (316 MSEK)

Apr 30
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ANEK 2019: “One of the Most Efficient Years During the Past Decade”

By 2020 Newsletter week 18

In its annual report, ANEK Group has the following figures:

  • +8% passengers (1,044,000)
  • +7% cars (202,000)
  • +0% freight (129,000)

The increase in traffic volumes regarding passengers and vehicles came from the routes of Crete.

In addition, within the context of a more efficient management of the fleet, the company continued to charter its vessels to third parties.

During 2019 ANEK Group significantly improved its financial results in relation to the previous year, recording one of the most efficient years during the past decade.

  • +3.4% Turnover
  • +27% Gross profit
  • +75% EBITDA
Apr 30
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UK Coronavirus Support Package for Vital Routes

By 2020 Newsletter week 18

Vital routes for supplies and people have been protected through a coronavirus support package to keep the flow of goods and services running smoothly in and out of the UK, and around the country, throughout the pandemic.

A multimillion government support package for essential freight services includes:

Apr 30
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IN THE MEDIA

By 2020 Newsletter week 18

Freestyle translation by Ferry Shipping News

  • 4 ferries in operation, 9 stopped. Two thirds of people in partial unemployment.
  • Only a few dozen ‘essential’ passengers travel. Freight is now king, something unusual for Corsica Ferries. The company has listened to Corsica transport companies and adapted the offer. Sometimes changes were skillfully implemented overnight, to react as quick as possible.
  • We are awaiting what the government says about the relief of travel restrictions. We can only adapt once we know. But we are preparing and we can assure the tourism industry that if travel allows people will have enough ferries to get to the island.
  • Although the company is already experiencing the economic consequences of this crisis, Pierre Mattei is happy about the quick reaction time of his company. “It is in our DNA to be agile and versatile.”
  • Corsica Ferries suffered a fake news campaign. It was accused of transporting tourists. It all started with pictures from before the lockdown. They were re-released by some politicians, who did not even check.
Apr 30
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Interview with Pierre-Antoine Villanova, Corsica Linea

By 2020 Newsletter week 18

Freestyle translation by Ferry Shipping News

  • Corsica Linea went from 7 to 4 ships: 2 on Bastia, 2 on Ajaccio.
  • No link to North-Africa
  • Only a few passengers, majority is freight. In the middle of the crisis freight went down. Then we carried only 70% of the normal capacity. Now we transport 80% of the goods that arrive on the island.
  • Very difficult to predict summer. I don’t know if we will carry passengers this summer. We need to carry people without putting them at risk.
  • We’re going to lose lots of money, but I am not afraid for my company. I am more afraid for the economic earthquake on the island.
  • We have a social ambition. We want to develop the local economy. That’s why we employ French seafarers, not Italians (as Corsica Ferries does, note from editor). They are costing us three times more. We have also decided to only work with food from Corsica.